US Bank to Offer Cryptocurrency Services Pending Compliance Approval

haleema

jr. member

Activity: 560

Merit: 4

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks? Or, yes, I think I get that people still need to cash out and exchange crypto for fiat until full crypto adoption happens. Does this mean banks and crypto exchanges have to cohabitate until one dominates the other? If banks know what crypto is up to, I doubt they'll let themselves take the bait or keep the relationship going for long. Please enlighten me. Thanks much! ;-)

Agreed and I don't thing that banks handle both Currency, have possibility when banking system involved in digital Currency, it will start to a new coin, otherwise they cant catch Bitcoin, its not too far.

Similificator

sr. member

Activity: 882

Merit: 403

Quote from: Welsh on April 30, 2021, 09:27:13 AM

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks?

Basically. There's no such thing as "Bitcoin friendly banks". Well, at least there shouldn't be. Of course, there's many great reasons why you would use Bitcoin over traditional fiat currencies, but one of the main selling points is; You are your own bank, and therefore you truly own your money.

Of course, the adoption of cryptocurrencies in banks would only be welcome news to those that aren't truly sold on the idea of cryptocurrencies, and see it as a investment opportunity instead of a currency. So, I'm not going to pretend this isn't a good thing for Bitcoin, or future adoption from banks isn't. However, you are quite right that at least for me, and many others one of the reasons of using Bitcoin is to get away from banks. This is likely the reason Satoshi created it in the first place, if you consider the genesis block message.

Whether we like it or not, bitcoin won't amount to anything unless you can exchange it to real money or anythig else of value. But the easiest, if fiat, and where can we get fiat to make bug transactions like houses or whatever if banks never allow any connection towards crypto currencies? Well I guess if people would start accepting bitcoin as a primary mode of payment, then we can survive without banks. But I don't think that'll ever happen since too many people are still unwilling to use or believe in bitcoin. and even if it does happen, it won't make sense for banks and governments to just sit idly by and do nothing about it.

Which is why I think, despite the real purpose of this coin and it's creator for making it, we have to compromise one way or another in irder for Bitcoin to survive. That's just how it is.

Fesatmas

sr. member

Activity: 2268

Merit: 275

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks? Or, yes, I think I get that people still need to cash out and exchange crypto for fiat until full crypto adoption happens. Does this mean banks and crypto exchanges have to cohabitate until one dominates the other? If banks know what crypto is up to, I doubt they'll let themselves take the bait or keep the relationship going for long. Please enlighten me. Thanks much! ;-)

and why everyone should make Bitcoin and the bank the one to clash with. the issue that we have digested so far is the badness of banks for fiat to the value of Bitcoin, and vice versa, the threat of Bitcoin against banks that continues until there is no way out.
I don't think there's a need to clash the two. does not mean that I am a bank employee or who work there. what I'm thinking of are the millions of people who don't hold Bitcoin and still interact with fiat money.
Is fiat money that terrible in your eyes?
I agree that in the end between the Bank and Bitcoin side by side without having to clash with one another.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

It's a shame they don't do this when we're not in a bull run. They'd look so much better if they waited a year and could show better returns too.

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks? Or, yes, I think I get that people still need to cash out and exchange crypto for fiat until full crypto adoption happens. Does this mean banks and crypto exchanges have to cohabitate until one dominates the other? If banks know what crypto is up to, I doubt they'll let themselves take the bait or keep the relationship going for long. Please enlighten me. Thanks much! ;-)

Bitcoin isn't really friendly to individuals though. It has an unforgiving nature and high fees which are both quite problematic (my bank don't charge fees on anything).

So at the moment, it looks like another payment provider might be needed - at least until a time bitcoin can scale better.

Welsh

staff

Activity: 3304

Merit: 4115

Quote from: Haunebu on April 30, 2021, 09:28:33 AM

Cohabitation is inevitable in my opinion. Both offer similar services in different ways. People will always depend on banks while they will also embrace the advantages that cryptocurrencies offer.

Well, they don't technically offer the same services. Banks are a byproduct of a capitalistic world, and have essentially created a business to cater for the masses. While, Bitcoin is applying to those that want the freedom to manage their own money, without any limitations. Banks, aren't offering any freedom at all. In fact, if you look at their policies I can almost guarantee that they limit you in some way or another.

The only real benefit to banks, and in essence reversible transactions is; fraud protection. That's really the only benefit to them. Of course, cohabitation is almost a given, and in fact probably beneficial. To be honest, some people prefer to have others holding their valuables, since they don't trust that they can do it themselves. So, having a bank manage your finances isn't always bad, depending on your specific needs. However, I think its quite clear that I'm not a massive fan of banks, and I've definitely had my fair share of issues with them in past regarding sending transactions.

avikz

legendary

Activity: 3080

Merit: 1500

It seems US bank is trying to stay ahead of the curve with some far sighted decisions by adopting cryptocurrencies within their own ecosystem. If I am not mistaken, JPM also planned to provide exposure to bitcoin investment to some of their chosen investors. So things are slowly getting favorable for us. Banks are understanding that if they don't jump into the digital currency bandwagon, they might loose their relevancy and financial foothold in next few years so they are trying to alter their approach to stay relevant in this highly competitive market.

All is well that ends well!

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

This is great news. Never heard of that bank before, but it is good to see more financial entities embracing cryptocurrencies which drives up adoption rates to some extent. I guess it will be tough for them to gain compliance approval though.

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks? Or, yes, I think I get that people still need to cash out and exchange crypto for fiat until full crypto adoption happens. Does this mean banks and crypto exchanges have to cohabitate until one dominates the other? If banks know what crypto is up to, I doubt they'll let themselves take the bait or keep the relationship going for long. Please enlighten me. Thanks much! ;-)

Cohabitation is inevitable in my opinion. Both offer similar services in different ways. People will always depend on banks while they will also embrace the advantages that cryptocurrencies offer.

Welsh

staff

Activity: 3304

Merit: 4115

Quote from: roadrunnerjaiv2025 on April 30, 2021, 09:13:21 AM

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks?

Basically. There's no such thing as "Bitcoin friendly banks". Well, at least there shouldn't be. Of course, there's many great reasons why you would use Bitcoin over traditional fiat currencies, but one of the main selling points is; You are your own bank, and therefore you truly own your money.

Of course, the adoption of cryptocurrencies in banks would only be welcome news to those that aren't truly sold on the idea of cryptocurrencies, and see it as a investment opportunity instead of a currency. So, I'm not going to pretend this isn't a good thing for Bitcoin, or future adoption from banks isn't. However, you are quite right that at least for me, and many others one of the reasons of using Bitcoin is to get away from banks. This is likely the reason Satoshi created it in the first place, if you consider the genesis block message.

roadrunnerjaiv2025

member

Activity: 122

Merit: 20

I don't have a full grasp of how crypto works yet, but isn't the idea of integrating blockchain technology into the financial system to move away from banks? Or, yes, I think I get that people still need to cash out and exchange crypto for fiat until full crypto adoption happens. Does this mean banks and crypto exchanges have to cohabitate until one dominates the other? If banks know what crypto is up to, I doubt they'll let themselves take the bait or keep the relationship going for long. Please enlighten me. Thanks much! ;-)

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Did not see it mentioned anyplace else here but it looks like USBank is getting more into Crypto pending approval:

https://www.usbank.com/about-us-bank/company-blog/article-library/us-bank-details-new-cryptocurrency-offerings.html

https://www.theblockcrypto.com/linked/102985/us-bank-will-launch-crypto-custody-pending-compliance-tests
https://news.bitcoin.com/americas-fifth-largest-banking-institution-us-bank-to-offer-cryptocurrency-custody/

So it looks like there is going to be at least one more crypto friendly bank out there.
They don't have as large a footprint of branches as some other banks, but in todays world with most banking being done online does it really matter that much?

-Dave

Topic: US Bank to Offer Cryptocurrency Services Pending Compliance Approval (Read 151 times)